Westbury in £141m Prowting bid

MOCK-TUDOR housebuilder Westbury is adding thousands of London commuter-belt development plots to its landbank with a £141m takeover of troubled arch-rival Prowting.

The deal, which brings an end to a miserable year for Prowting shareholders, sends Westbury into sixth place in the builders' league table, leapfrogging Wilson Connolly.

Westbury chief executive Martin Donohue said he was especially keen on the extra presence Prowting would give him in the South East, where it is a big builder of upmarket homes in counties bordering the capital.

With 3,800 plots of land with planning consent, Prowting is about a third of Westbury's size and last year sold 1,307 houses - its lowest figure for five years.

Speculation had been rife that the group may seek a takeover after it last month cut its final dividend and warned on future profits. January saw a profits warning and the resignation of the chief executive and finance director after cost overruns in some regional offices.

Founder Peter Prowting and his family trusts own 63% of the firm and have given irrevocable undertakings to accept the deal. The shares, valued at 180p in the takeover, jumped 13p to 355p.